Depreciation and Tax Benefits of Owning Rental Property & Budgeting When Buying a Home

In this segment, I found an article discussing What You Need to Budget for When Buying a Home and answer a listener question asking, "I am considering purchasing a small home as a fixer upper to potentially rent out after some improvements have been made. As an investor, what are the tax benefits of owning rental property and how does depreciation fit into the equation?"